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The Good, the Bad and the Ugly of the Detailed SWOT Analysis
If you’re an advertising or marketing student, entrepreneur or business professional – get ready to learn about one of the most basic and functional marketers’ tools still widely used today – the SWOT analysis. Like many topics in school that students seem to avoid (learning the quadratic formula for calculus, reading Brave New World in English lit, or that extremely awkward topic that everyone in health class is embarrassed to learn about), a detailed SWOT analysis is something you can do. We have to face learning and getting used to writing, no matter how far our advertising methods advance. A detailed SWOT analysis will last forever and can really help you understand the environment your product or service will fit into and what you have to offer potential customers that your competitors have overlooked. So here it is in plain English – a detailed SWOT analysis of the good, the bad and the ugly.
As a professional marketer who has worked in the industry and represented many companies throughout North America for over 15 years, I constantly stand behind the benefits and effectiveness of developing and using a detailed SWOT analysis. Before starting any new project, whether for myself or a client, I have and continue to develop a SWOT analysis. My advice to you is that if you want your marketing initiatives to work like a professionally developed plan, you need to think and act like a professional marketer. In this article, I will share with you…
o What is good about developing a proper SWOT analysis “Good”.
o What is the downside of developing a proper SWOT analysis “The Bad”?
o What if a SWOT analysis doesn’t add value to my marketing plan? “Ugly”
Why do experienced advertising executives say that a detailed SWOT analysis of your product/service can open your eyes to an opportunity you never imagined? Let’s put it this way – if you’re a brand new business owner and need to sell your business to your prospective employees who will ultimately be responsible for selling your business idea, it’s probably best to have a clear understanding of what your business is all about. Your company’s vision, mission, and core values are so important in determining whether or not customers see your product/service as a need. Is the product category you are in successful, full of competition, or are you yesterday’s trend? All of these answers can be yours—by breaking down your business with a SWOT analysis.
What’s so great about SWOT? The easiest way to answer this question – in an acronym – plainly stated – SWOT tells you what your company’s strengths, weaknesses, opportunities and threats are. Strengths and weaknesses are attributes of your business that are identified internally – what is happening in your own business environment? Some of the strengths you might have are that you entered a category (ie Red Bull in the energy drink category), whether your company has won awards that differentiates you from your competitors (do you have something they don’t). Isn’t it so hard to copy?) Weaknesses might be that you weren’t “one of the originals” and you’re with all the other gazillion varieties of soap out there today – missing that must-have feature. Or maybe your product or service is a seasonal item – so your main sales peak only occurs during a certain quarter of the year – in which case – how does the business survive the other 3 quarters? Strengths and weaknesses are easy to identify if you really sit down and think about what your company is, what it represents and what it offers to customers. Opportunities and threats are identified externally – these are aspects that happen outside of your business that you cannot control. Going back to the Red Bull example, the fact that the public was increasingly exhausted and looking for a “pick me up” paved the way for Red Bull to really engage with the public. And perhaps the simplest example of the threat most businesses face today is the depressed economy and the public’s cautious spending. These four aspects are quick and easy ways to access your business, and with little thought, you can open your business to opportunities you may not have initially seen.
What’s so bad about a detailed SWOT analysis – the first time you try it, be prepared, it’s just one of many SWOT analyzes you’ll be doing on different companies and products. But don’t worry, practice makes perfect. Sometimes the first SWOTs can take a while to hit the formula, but soon it becomes as easy as riding a bike.
The ugly side of a detailed SWOT analysis is very rare, but has seen the light of day. Perhaps the product category is so complex that SWOT does not immediately answer any questions for your company. Or you’ve finally completed what you thought was an amazing analysis, only to realize that after investing a large amount of money in your “dream project” you’ve entered an oversaturated market and your product (without much added value). ) will disappear into the masses soon – YIKES! Also, some companies mistake their internal strengths for external opportunities, which makes your SWOT analysis skewed and unhelpful.
While a first-time user may be frustrated by what makes a property internal or external, the reality is that sometimes you have to explore your category to find some really interesting options once you’ve familiarized yourself with the process. start dreaming about SWOT analyzes and start applying them to your everyday life – one of the great things about a detailed SWOT analysis is that it is the basic structure that puts your business into perspective for yourself, your employees and most importantly, you. offer to our customers.
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